EI Industrial, the first industrial-focused B2B marketplace in Vietnam, announced raising $670,000 in seed funding lead by Singapore-based seed investor Cocoon Capital.
BEENEXT, also a Singaporean venture capital firm, participated in the latest funding that that startup said will be used to build a more user-friendly platform and expand its sales, marketing, and technology teams.
EI Industrial was launched in 2020 with the aim of accelerating digital procurement in Vietnam. It allows purchasers to source from multiple suppliers and identify the best deals available.
Currently, the platform serves over 500 customers in Vietnam, including global companies such as the Esquel Group, Heineken, Toshiba, Olam, Aqua, Oishi, Wahl, and Central Group.
EI Industrial operates in Vietnam’s B2B e-commerce market, which has the highest growth rate in Southeast Asia. In 2020, the market reached $13.2 billion and is expected to grow at a CAGR of 43% by 2025, according to the startup.
Digital health platform ThoughtFull raises $1.1m
Singapore-based digital mental health platform ThoughtFull has raised $1.1 million in its seed funding round backed by The Hive SEA, US venture capital firm Flybridge, and Singapore’s Vulpes Investment Management.
ThoughtFull’s mobile apps enable users to access, and mental healthcare professionals to provide, personalised best-fit mental healthcare, with a focus on stress, anxiety, and depression management.
Since its inception in 2019, ThoughtFull said it has grown exponentially to serve users across 43 countries with a professional network spanning 14 locations. Its services are currently available in Singapore, Malaysia, and the Philippines.
The seed funding will help the startup accelerate market expansion and the development of its offerings, according to the announcement. It also seeks to deepen its offering across the end-to-end spectrum of preventive to curative solutions.
The HIVE SEA, one of the backers of the funding round, is the first Southeast Asian fund by Silicon Valley-based The Hive.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has put together a table listing out prominent venture capital transactions in Southeast Asia for the week starting October 4, 2021.
|Startup||Headquarter||Investment Size||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry / Verticals|
|Aurora Capital||Cambodia||$2,070,000||Series A||Healthcare|
|Shoplinks||Singapore||$900,000||Seed||Cocoon Capital||Indonesian Women Empowerment Fund||SaaS|
|Creative Galileo||Singapore||$2,500,000||Seed||Kalaari Capital||Edtech|
|Thoughtfull||Singapore||$1,100,000||Seed||The Hive Asia||Flybridge, Vulpes Investment Management||Healthcare|
|KlinikGo||Indonesia||Seed||Risjadson Holding & Investment||Gaido Group, 5 Digital Ventures||Healthtech|
|StratifiCare||Singapore||$729,000||Seed||ADB Ventures, Sprout||Healthtech|
|Fefifo||Singapore||$3,100,000||RHL Ventures, KB Investment||Agritech|
|Funding Societies||Singapore||500 Tuktuks||Fintech|
|ESB||Indonesia||$7,600,000||Series A||Alpha JWC Ventures||BEENEXT, Vulcan Capital, AC Ventures, and Skystar Capital||Foodtech|
|AUM Biosciences||Singapore||$27,000,000||Series A+||Everlife, SPRIM Global Investments||Biotech
|EI Industrial||Vietnam||$670,000||Seed||Cocoon Capital||BEENEXT||Ecommerce|
|Surer||Singapore||$1,000,000||Seed||Kistefos||Markel Digital Investments||Insurtech|
|Pickupp||Singapore||$20,000,000||Series A+||Reefknot||Food delivery|
|iSeller||Indonesia||$8,000,000||Series B||Openspace Ventures, Mandiri Capital||Appworks, Indogen Capital||SaaS|